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Sapient insights from Money 20/20

Money 20/20 is touted as the world's largest event focused on payments and financial services innovation at the intersection of mobile, retail, marketing services, data and technology. This year’s 5th annual event hosted more than 11,000 attendees from 3,000 companies and 75 countries.

The conference featured keynote speakers and panel sessions from incumbent FSI’s, CEO’s of Silicon Valley start-ups, regulators, investors and retailers. Attendees unveiled cutting-edge tech and insights on new and disruptive ways in which consumer and business manage, spend and borrow money.

To help us lead our financial services clients to what’s next, Sapient went along to Money 20/20 to bring you highlights related to AI, open banking, next gen customer experiences in wealth management and insurance, the importance of data and more.

Highlighted here are top tweets, quotes and news we gathered from the event. If you’d like to connect with us more deeply on the insights and discussions coming out of Money 20/20 or Sapient’s perspective on the customer driven digital transformation facing FSI’s please contact us.

Sapient insights from Money 20/20

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INSIGHTS FROM MONEY 20/20
Money 20/20 is touted as the world's largest event focused on payments and financial services innovation at the intersection
of mobile, retail, marketing services, data and technology. This year’s 5th
annual event hosted more than 11,000 attendees
from 3,000 companies and 75 countries.
The conference featured keynote speakers and panel sessions from incumbent FSI’s, CEO’s of Silicon Valley start-ups,
regulators, investors and retailers. Attendees unveiled cutting-edge tech and insights on new and disruptive ways in which
consumer and business manage, spend and borrow money.
To help us lead our financial services clients to what’s next, Sapient went along to Money
20/20 to bring you highlights related to AI, open banking, next gen customer experiences
in wealth management and insurance, the importance of data and more.
Highlighted here are top tweets, quotes and news we gathered from the event. If you’d like
to connect with us more deeply on the insights and discussions coming out of Money
20/20 or Sapient’s perspective on the customer driven digital transformation facing FSI’s
please contact us.
MAJOR ANNOUNCEMENTS
Chase announced
Chase Pay – it’s own
digital wallet.
We are seeing consumer
preferences shifting and
we want to make sure
that we stay relevant.”
– Kiki Del Valle, Mastercard SVP
of commerce for every device
Mastercard unveiled a new chatbot –
“Mastercard Kai” – for banks and merchants to
help them deliver better mobile experiences,
something consumers now expect.
With Erica AI, BofA
can proactively engage
customer to create better
money habits.”
– Thong Nguyen, @BofA_News
Bank of America Merrill Lynch
announced is own chatbot – Erica.
Zelle as the mobile payment
solution provided by a
consortium of leading banks,
one that’ll be integral to
their banking apps.
Alphabet's Google announced its
partnership with Visa and Mastercard to
extend the reach of Android Pay – which
lets users verify their identity without
a password, using a fingerprint, for
example – to merchants that accept
online payments through
Visa Checkout or Masterpass.
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“APIs are no longer a dark art
within the bank.”
– Doug Nielson, @usbank
“When building APIs, use the 3/3/30
rule. Devs should find it in 3 seconds,
understand it in 3 seconds, build with
it in 30 seconds.”
– @visa #Money2020
“If every bank goes open API there has to be someone
who can provide the aggregation of those APIs.”
#opportunityforfintechs #Money2020
“Attended first session at
#Money2020 - personal
#data and the “API of me”
is the future #privacy.”
“The data silos of yesterday are being washed
away, enabling people to build chat bots.”
#Money2020 “Some of our sales
people didn't know
the difference
between an IPA
and an API.”
– Visa's Vijay Sondhi,
teaching about APIs
#Money2020
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Another trending topic at this year’s Money 20/20
was the integration of AI and Bots to improve
customer experiences, efficiency and operations.
AI
‘Bank IT systems are silos for efficiency- which
hinders learning. AI brings data together at a
different layer for insight.”
– Martina King, @FeaturespaceLtd
#AI #Money2020
“AI adoption isn't about the technology,
it comes down to the organization.”
– David Gilvin, @IBMNews
#AI
‘We will use AI to develop good
habits based on each person.”
– Dr. Arif Ahmed, @usbank_news
#AI
“In the cards industry
alone there's $12B in
savings to be had
from AI.”
– Martina King,
@FeaturespaceLtd
#AI
“An awful lot of boring jobs in
financial services will be done by AI.”
– Martina King, @FeaturespaceLtd
#AI
“The best payments experiences
run in the background. The
customer doesn't care, they just
want quick, easy & safe. Look
at Uber.”
#Money2020
Given the payments focus there was a hall full of
exhibitors with solutions making payments more
secure, more invisible, faster and easier for all.
PAYMENTS TECHNOLOGY
IMPROVING CUSTOMER
EXPERIENCE
“Facial Recognition is viewed as
the next evolution of ATM
biometrics – smile to get cash!”
#Money2020
“People will be talking
and ordering rather than
getting on their devices.”
– Margaret Keane,
@SYFNews
#VoiceCommerce
“Financial services is a means to a broader
end. Not just to move money but to help people
with their financial health.”
– CFS Innovation
“The best kind of payment
is the absence of payment.”
– Daniel Eckert of #Walmartpay
at #Money2020
“Faster payments is all
about use cases to
improve customer
experience, not
rationalizing payments
infrastructure.”
#Money2020
“$120Blostinmedicalbillingerrors
annually. Prevent overcharge
with free audit service.”
– @tryremedy
Conversations centered on how the insurance
industry is using tech and customer focused
strategies to respond to increasing consumer
frustration due to time-consuming, costly and often
opaque systems and products which haven’t kept
pace with the digital age.
INSURTECH
“Insurance is supposed to give
you peace of mind, but the
process is anxiety inducing.”
– Josh Reeves, @GustoHQ
#insurtech
“If we can do taxes online with the government,
we can do any insurance product online.”
– Jennifer Fitzgerald, founder @PolicyGenius
#insurtech
“With smart contracts
your policy can do its own
claim adjustments.”
– Peter Kirby, @factom
#insurtech
“Prevention before
the claim is now
more important.”
– Francois Robinet,
@AXAVentures
#insurtech
“We need personal
insurance for our
identity.”
– @darriusmjones
@USAA
“Set your trading
trigger with any
"if this then that"
scenario using
@triggerfinance
app.”
Accrue
Building financial market software
making complex analytics feasible.
accrue.com
ClarityMoney
Helps customers stay on top of
their money with insights they
can act upon.
claritymoney.com
FeaturesSpace
Brings new insights through new
ways of treating data.
featurespace.co.uk/gravity
Gusto Group Benefits
One intuitive place to manage payroll,
benefits, and HR. Gusto automates
the administrative stuff giving users
more time for meaningful work.
gusto.com
Loot Bank
Amillennial-focusedbankingproduct.
loot.io
Pinn
Pinn analyzes hundreds of
attributes – images, audio, video,
keystrokes data, and more – to
passively validate a person’s identity.
getpinn.co
Root Insurance
Rewards safe drivers through
their smartphones.
joinroot.com
Trigger
Brings hedge-fund level investing
tools to the masses.
triggerfinance.com
TryRemedy
Finds mistakes on most medical
bills, saving the average family
$1,000 per year.
tryremedy.com
Customer experience and the digital transformation of
wealth management services was a big focus at this
year’s event – particularly the role of women,
millennials and AI in driving change.
NEXT GENERATION RETAIL
WEALTH MANAGEMENT “We are not trying to take human
beings out of the advisory role, just
where they're not best suited.”
– David Gilvin, @IBMNews
“Closing the gender investing
gap is good for everybody.”
– Sallie Krawcheck, @Ellevest
START-UPS
TO WATCH
The topic of Open Banking and APIs were hot at this
year’s event. Everywhere there was discussion
around APIs promise to deliver incumbent stability,
startup innovation and interoperability – while
simultaneously enabling cooperation and
competition with established providers to bring the
best products and customer experiences to market.
OPEN BANKING, DATA & APIs
“On challenges facing X-Border
#Payments: “Make it borderless.
Bring local infrastructures, card
networks into cashless economies.”
#Money2020
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